U.K. Retail Sales Rose Unexpectedly, Cable Extended Recovery

U.K. August retail sales unexpectedly rose by 1.2% MoM while the median had been for a 0.5% falls. Meanwhile, the already surprisingly high July reading of 0.8% MoM was revised up to 0.9%. The m/m increased pushed the y/y rate up to 3.3%, versus 2.0% in July (revised from 2.1%). The ONS said the improvement came from strong clothes and footwear sales, but today's data will yet again raise concerns over the quality of ONS figures, as survey data suggests deteriorating conditions for the retail sector.

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